Macerich 4Q results beat analysts’ expectations

SANTA MONICA — Macerich said Wednesday that a key measure of profitability improved in its fourth quarter on better revenue from rent and increased occupancy at its malls.

The real estate investment trust reported that its funds from operations rose to $132.6 million, or 90 cents per share, for the last three months of 2012 from $118.8 million, or 83 cents per share, a year earlier.

Analysts polled by FactSet predicted funds from operations of 87 cents per share.

Funds from operations, or FFO, adds charges including amortization and depreciation back to net income and is considered a measure of core operations for a REIT.

Net income increased 7 percent to $174.2 million, or $1.27 per share, from $163.1 million, or $1.23 per share, in the prior-year period.

Revenue climbed 15 percent to $251.2 million from $217.8 million.

Revenue from minimum rents rose to $140.2 million from $118.8 million.

For the year, the Santa Monica, Calif.-based company reported FFO of $577.9 million, or $3.99 per share. In the previous year FFO was $399.6 million, or $2.79 per share.